Please answer this question fully and follow th chart
Lamonda Corp. uses a job order cost system. On April 1, the
accounts had balances as shown in the T-accounts below:
The following transactions occurred during April:
(a) Purchased materials on account at a cost of
$136,000.
(b) Requisitioned materials at a cost of $122,000, of
which $28,000 was for general factory use.
(c) Recorded factory labor of $155,000, of which $24,000
was indirect.
(d) Incurred other costs:
Selling expense | $ | 44,000 |
Factory utilities | 26,000 | |
Administrative expenses | 15,000 | |
Factory rent | 30,000 | |
Factory depreciation | 24,000 | |
(e) Applied overhead at a rate equal to 135 percent of
direct labor cost.
(f) Completed jobs costing $375,000.
(g) Sold jobs costing $402,000.
(h) Recorded sales revenue of $500,000.
Required:
1. & 2. Post the April transactions to the T-accounts
and compute the balance in the accounts at the end of April.
Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April.
|
Raw Materials Inventory | Work in Process Inventory | |||||||
Beg. Bal. | 25,000 | Beg. Bal. | 55,000 | (f) | 375000 | |||
(a) | 1,36,000 | 1,22,000 | (b) | (b) | 94,000 | |||
(c) | 1,31,000 | |||||||
End. Bal. | 39,000 | (e) | 1,76,850 | |||||
End. Bal. | 81,850 | |||||||
Finished Goods Inventory | Manufacturing Overhead | |||||||
Beg. Bal. | 60,000 | (g) | 402000 |
(b) |
28,000 | (e) | 1,76,850 | |
(f) | 3,75,000 | (c) | 24,000 | |||||
(d) | 26,000 | |||||||
End. Bal. | 33,000 | (d) | 30,000 | |||||
(d) | 24,000 | |||||||
Cost of Goods Sold | Sales Revenue | |||||||
(g) | 402000 | Beg. Bal. | (h) | $500,000 | ||||
End. Bal. | 402000 | End. Bal. | 0 | |||||
Nonmanufacturing Expenses | ||||||||
(d) | 44,000 | |||||||
(d) | 15,000 | |||||||
End. Bal. | 59,000 | |||||||
Please answer this question fully and follow th chart Lamonda Corp. uses a job order cost...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Lamonda Corp. uses a job order cost system. On April 1, the...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,070. (b) Requisitioned materials at a cost of $110,500, of which $15,500 was for general factory use. (c) Recorded factory labor of $225,100, of which $42,975 was indirect. (d) Incurred other costs: Selling expense $ 35,300 Factory utilities 24,400 Administrative expenses 50,250 Factory rent...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense $ 44,000 Factory utilities 26,000 Administrative expenses 15,000 Factory rent...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,470. (b) Requisitioned materials at a cost of $111,600, of which $15,500 was for general factory use. (c) Recorded factory labor of $224,100, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,900...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,470. (b) Requisitioned materials at a cost of $111,900, of which $16,000 was for general factory use. (c) Recorded factory labor of $224,400, of which $43,375 was indirect. (d) Incurred other costs: Selling expense $ 34,700 Factory utilities 23,900 Administrative expenses 51,750 Factory rent...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T- accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,770. (b) Requisitioned materials at a cost of $111,900, of which $16,200 was for general factory use. (c) Recorded factory labor of $224, 100, of which $42,275 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April (a) Purchased materials on account at a cost of $232,770 (b) Requisitioned materials at a cost of $111,600, of which $15,400 was for general factory use (c) Recorded factory labor of $224,900, of which $41,875 was indirect. (d) Incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation S34,500 22,900...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,170. (b) Requisitioned materials at a cost of $112,000, of which $15,600 was for general factory use. (c) Recorded factory labor of $224,400, of which $43,075 was indirect. (d) Incurred other costs: Selling expense$35,400 Factory utilities 23,200 Administrative expenses 51,150 Factory rent 11,400...
please help solve numbers Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,570. (b) Requisitioned materials at a cost of $111,200, of which $16,700 was for general factory use. (c) Recorded factory labor of $225,200, of which $43,375 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent...